The new funds will be used for further development and internationalisation of the company’s robotic process automation (RPA) platform, which uses visual recognition and deep learning to automate various processes in the enterprise.
The market for RPA services is expected to reach $5 billion by 2024, according to Kryon.
“The funds will be used to hire top-level talent needed to manifest this vision. In addition to growing the company, we will increase our focus on R&D and drive the company’s global market expansion,” said Harel Tayeb, who was appointed CEO of Kryon in March of this year. “The rapid acceleration of our North American office and establishment of new regional offices in Asia and Europe will support our increasing global presence and customer base.”
Along with the investment, Michael Cichowski of Aquiline Technology Growth and Yanai Oron of Vertex Ventures will join Kryon’s board of directors.